MKT 100 Study Guide - Final Guide: Corporate Social Responsibility, Offshoring, Competitive Intelligence

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Hamed Mehrabi

Document Summary

Marketing: a set of business practices designed to plan for and present an organization"s products or services in ways that build effective customer relationships. Target market: the customer segment or group to who the firm is interested in selling its products and services. Market segmentation: the process of diving up mass markets into groups with similar needs of wants. Niche market: subset of the market on which a specific product is focused. Competitive intelligence: used by firms to collect and synthesize info about their position with respect to their rivals. Demographics: characteristics of human populations and segments, especially those used to identify consumer markets, such as age, gender, income, race, ethnicity, and education. Market penetration: a firm tries to increase market share among existing customers by selling more of its current products. Market development: a firm enters a new market with its existing products. Product development: creating new products for existing markets. Diversification: introducing new products into new markets.